No one can say they weren’t warned. A decade ago, newly sacked from his job as chief economist at the World Bank, Joseph Stiglitz laid bare. An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future Great Recession. In this forthright and incisive book, Nobel Laureate Joseph E. Stiglitz explains how America exported bad economics, bad policies, and bad behavior to the rest .
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It addresses economic matters and a lot more; the nature of inequities within American society and how these inequities have pervasive consequences beyond what we can see and by so doing compromising the long term prosperity of stigliz.
I was talking to a banker friend and he was complaining that people who don’t know what they’re talking about are blaming the bankers for the whole mortgage crisis.
Freefall: America, Free Markets, and the Sinking of the World Economy – Wikipedia
How Today’s Divided Society Endangers Our Future to broaden my understanding of our country’s ills according to his understanding of them. America, as the book rightly notes, has lived off one bubble after another for years.
Already, there is a whiff of business as usual as a receding sense of danger blunts the appetite for radical reform. So, naturally, when the bubble popped and the concomitant defaults began rolling in, in tsunami like effect, the whole edifice began to crumble at a worrying speed. Will they even be in the right direction?
To see what your friends thought of this book, please sign up. Assumptions that leave their economic theories in tatters. Stiglitz, a Nobel prize winner, says many valuable and important things here.
But his own economics seem shorn of a social and political dimension: We began the bailouts without a clear sense of what kind of financial system we wanted at the end, and the result has been shaped by the same political sources that got us into uoseph mess. In the circumstances, it is hardly surprising that Freefall reeks of “I told you so”. Bj his criticism, he writes no holds barred, full of “I told you so”s and specific stjglitz failures, which sometimes verges on arrogance.
Some of them were Clinton officials, and some of them are now advising Obama. An environment of bitterness and anger, of fear and mistrust, is hardly the best one in which to begin the long and hard task of reconstruction. But he also finds time for some personal revenge.
But perhaps, if we can at least learn and remember what these bastards have done by reading books like this, to remember what they have gotten jiseph with, perhaps then we can move from empty hope to positive action.
Joseph E. Stiglitz – Freefall America: Free Markets, And The Sinking Of The World Economy
What we got here is a nonfiction book by the winner of the Nobel Prize in Economics. Topics free marketeconomicseconomics and stgilitzeconomic scienceAmerica. While the economic arguments are interesting, I’m particularly taken by Stiglitz’s arguments about moral failure in the American society It hurts me to say the things in the above paragraph. Welcome to the new corporate welfare state. Nov 10, Juan Nikolas rated it really liked it. This book explains step by step why our economy is in the shithouse and why I fucking lost half of my IRA fund.
The author of this book offers a lot of criticism on how things were done and suggests better approaches to the problems. Stiglitz’s certainly did a fantastic job with this book.
But [that] at times, Mr. Stiglitz must write like the freakin dickens, or he has a verbose editor, or something of that sort. I wish Obama can slam regulations on top of all the free money that he took from the taxpayers and just HANDED over to the very same people who gambled away our future and took over homes and hopes from everyday American who just want to have a job, house, food, and medical services and some left over for retirement.
Beyond the expected subjects, I particularly found his criticism’s and suggestion’s towards the domain of economics enthralling. Makes clear the moral hazards involved in bailing out “too big to fail” financial institutions, which were only created due to the ill-advised repeal of the Glass-Steagall Act in Perhaps by the time the book is out, the sense of crisis will be over.
Stiglitz delineates why the prioritisation of inflation as a concern is unjustified, and how moderate inflation is accommodative of a healthy economy. From an economic standpoint, I think we should make this one of the required readings for our politicians who wish to vote on recession related policy.
This section needs expansion with: Notably, it does an excellent job of warning that our recovery therefrom was less purgative than nepenthe. Problems that first surfaced on the periphery of the global economy gradually worked their way to its core — the United States.
Markets may not be self correcting; trust in the institution might be now all but gone; so, law must replace common sense and moral principle. Inflation, he states, is often caused by exogenous factors, out of the control of governmental counteractive policies, and by extension, ignorance in the form of higher interest rates is folly.
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In my opinion, thoroughly debunks the market fundamentalism and efficient markets theory promoted by Milton Friedman and the Chicago School. The questions then are, what should the government do?
It was clearly commissioned and conceived about a year ago, when the charts showed industrial production and trade collapsing at the same pace as they had in the early 30s.
Apr 01, Edwile Mbameg added it Shelves: To do so requires a link between ideas and formal mechanisms such as committees, levels of governance or influential channels.
Freefall: Free Markets and the Sinking of the Global Economy by Joseph Stiglitz
I wouldn’t say I’m optimistic, and for that reason, as soon as this book ended I eagerly loaded up Stiglitz’s The Price of Inequality: But inequity has social, moral and even economic costs.
Democracy and making sausage have a lot in common. Beyond the profits and beyond the bonuses, inequities sap the structure and cohesive nature of a society. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences.
A must read for everyone and stigliitz be understood by anyone regardless of their level of education.
And fixing frewfall damages that us big bad Americans had caused. The prose is fairly dry at times, but overall quite accesible for those non Am on holiday and just finished this book He also ridicules correctly, in my opinion the notion that economic conclusions can be drawn while assigning no weight whatever to the environmental consequences of certain choices, such as ny continued reliance upon fossil fuels.
Feb 17, Trevor rated it really liked it Shelves: